On CNBC's "Options Action," Bonawyn Eison said calls outpaced puts 1.7 to 1 in Intel Corporation INTC on Wednesday.
The company is scheduled to report earnings on Thursday after market close and the options market is implying a move of about 6% in either direction, between now and Friday. The average move over the last four quarters is 9%.
One trade caught Eison's attention on Wednesday. There was a purchase of about 3,000 contracts of the January 22, $56 puts for 53 cents. The breakeven for the trade is at $55.47. Eison explained traders probably think there could be a pullback into and coming out of earnings.
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